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NNPC to Reorganise Operational Model of 52 Medical Centres, Hospitals



  • NNPC to Reorganise Operational Model of 52 Medical Centres, Hospitals

The Nigerian National Petroleum Corporation (NNPC) has said it would restructure the operational model of 52 of its medical centres and hospitals across the country to enable them offer paid medical services to third-party beneficiaries.

The corporation said the measure would boost its commitment to expand the offerings of these hospitals in the country’s health sector in line with its attention to profitability in its new business focus.

Inaugurating the board members of the NNPC Medical Services Ltd (NMSL) and the NNPC Health Maintenance Organisation (HMO) Ltd in Abuja, the Group Managing Director of the corporation, Dr. Maikanti Baru explained that the recent restructuring of the NNPC meant that its group medical services should form a new venture non-core business entity charged with the responsibility of creating new medical businesses that will generate revenue for the NNPC.

He stated that the corporation’s medical services division has about 52 clinics and hospitals spread across NNPC’s various locations in the country.

According to him, these 52 medical facilities provided medical services only to staff of the corporation and their family members.

He, however, stated that the aim now was to open them up to other oil and gas organisations as well as other interested third party consumers for profitability.

“My vision is to make NNPC a renowned health medical services provider globally. In the nearby future, we are committed to making our medical facilities a reference point for the provision of world-class health medical services in Africa and beyond,” Baru said.

He also charged the new board to provide the necessary direction to raise the standards and offerings of these medical centres.

“It is going to be a new terrain for all of you. You must take advantage of the latest and most efficient technological advancement in healthcare service delivery,” he added.

He also urged the boards to set NNPC’s medical services apart from other operators in the health care industry, as well as collaborate with the best partners to upgrade and stay up in the industry.

Baru further charged the two boards to work with synergy, and avoid possible instances that would demand they compromise on their services and respective independence.

“Your job comes with a lot of responsibility and you must prove yourselves on this critical assignment,” he added.

The statement which was signed by the corporation’s Group General Manager, Public Affairs, Mr. Ndu Ughamadu, also quoted the Chief Operating Officer, Ventures of the NNPC, Dr. Babatunde Adeniran, to have said that with this development, the NNPC would be taking advantage of the new opportunities in the nation’s health sector.

Adeniran, who is also the chairman of the board of the two organisations, stated: “With this development, the existing NNPC hospitals will compete for clients with other top class hospitals in locations where they operate hence quality of service would be improved.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.


Communities in Delta State Shut OML30 Operates by Heritage Energy Operational Services Ltd




The OML30 operated by Heritage Energy Operational Services Limited in Delta State has been shut down by the host communities for failing to meet its obligations to the 112 host communities.

The host communities, led by its Management Committee/President Generals, had accused the company of gross indifference and failure in its obligations to the host communities despite several meetings and calls to ensure a peaceful resolution.

The station with a production capacity of 80,000 barrels per day and eight flow stations operates within the Ughelli area of Delta State.

The host communities specifically accused HEOSL of failure to pay the GMOU fund for the last two years despite mediation by the Delta State Government on May 18, 2020.

Also, the host communities accused HEOSL of ‘total stoppage of scholarship award and payment to host communities since 2016’.

The Chairman, Dr Harrison Oboghor and Secretary, Mr Ibuje Joseph that led the OML30 host communities explained to journalists on Monday that the host communities had resolved not to backpedal until all their demands were met.

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Crude Oil Recovers from 4 Percent Decline as Joe Biden Wins



Oil Prices Recover from 4 Percent Decline as Joe Biden Wins

Crude oil prices rose with other financial markets on Monday following a 4 percent decline on Friday.

This was after Joe Biden, the former Vice-President and now the President-elect won the race to the White House.

Global benchmark oil, Brent crude oil, gained $1.06 or 2.7 percent to $40.51 per barrel on Monday while the U.S West Texas Intermediate crude oil gained $1.07 or 2.9 percent to $38.21 per barrel.

On Friday, Brent crude oil declined by 4 percent as global uncertainty surged amid unclear US election and a series of negative comments from President Trump. However, on Saturday when it became clear that Joe Biden has won, global financial markets rebounded in anticipation of additional stimulus given Biden’s position on economic growth and recovery.

Trading this morning has a risk-on flavor, reflecting increasing confidence that Joe Biden will occupy the White House, but the Republican Party will retain control of the Senate,” Michael McCarthy, chief market strategist at CMC Markets in Sydney.

“The outcome is ideal from a market point of view. Neither party controls the Congress, so both trade wars and higher taxes are largely off the agenda.”

The president-elect and his team are now working on mitigating the risk of COVID-19, grow the world’s largest economy by protecting small businesses and the middle class that is the backbone of the American economy.

There will be some repercussions further down the road,” said OCBC’s economist Howie Lee, raising the possibility of lockdowns in the United States under Biden.

“Either you’re crimping energy demand or consumption behavior.”

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Nigeria, Other OPEC Members Oil Revenue to Hit 18 Year Low in 2020




Revenue of OPEC Members to Drop to 18 Year Low in 2020

The United States Energy Information Administration (EIA) has predicted that the oil revenue of members of the Organisation of the Petroleum Exporting Countries (OPEC) will decline to 18-year low in 2020.

EIA said their combined oil export revenue will plunge to its lowest level since 2002. It proceeded to put a value to the projection by saying members of the oil cartel would earn around $323 billion in net oil export in 2020.

If realised, this forecast revenue would be the lowest in 18 years. Lower crude oil prices and lower export volumes drive this expected decrease in export revenues,” it said.

The oil expert based its projection on weak global oil demand and low oil prices because of COVID-19.

It said this coupled with production cuts by OPEC members in recent months will impact net revenue of the cartel in 2020.

It said, “OPEC earned an estimated $595bn in net oil export revenues in 2019, less than half of the estimated record high of $1.2tn, which was earned in 2012.

“Continued declines in revenue in 2020 could be detrimental to member countries’ fiscal budgets, which rely heavily on revenues from oil sales to import goods, fund social programmes, and support public services.”

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